# Cullen Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1362535. Source: https://holderbook.com/funds/1362535-cullen-capital-management-llc/

- Reported value: $10.2B
- Positions: 208
- Weight of the ten largest: 26.8%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $318.6M | 2,033,040 | 3.1% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $300.4M | 2,557,662 | 3.0% | 31 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $295.5M | 1,413,521 | 2.9% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $279.1M | 1,099,077 | 2.7% | 31 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $270.0M | 1,929,255 | 2.7% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $265.4M | 810,780 | 2.6% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $259.2M | 2,016,795 | 2.5% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $247.1M | 4,335,818 | 2.4% | 29 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $244.7M | 1,933,412 | 2.4% | 31 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $244.2M | 1,671,438 | 2.4% | 14 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $239.2M | 675,358 | 2.4% | 26 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $229.9M | 674,693 | 2.3% | 14 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $222.9M | 4,473,955 | 2.2% | 27 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $218.5M | 1,151,388 | 2.1% | 25 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $216.7M | 1,197,637 | 2.1% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $212.3M | 2,418,915 | 2.1% | 31 |
| HEALTHPEAK PROPERTIES INC | [DOC](https://holderbook.com/stocks/DOC/) | $209.0M | 9,768,642 | 2.1% | 28 |
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $204.0M | 1,492,052 | 2.0% | 1 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $202.8M | 2,591,898 | 2.0% | 14 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $201.0M | 532,119 | 2.0% | 24 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $197.6M | 475,519 | 1.9% | 4 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $185.0M | 6,969,674 | 1.8% | 21 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $181.8M | 1,748,628 | 1.8% | 31 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $178.1M | 1,656,471 | 1.8% | 25 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $173.6M | 939,601 | 1.7% | 14 |
| GENUINE PARTS CO | [GPC](https://holderbook.com/stocks/GPC/) | $166.5M | 1,411,008 | 1.6% | 31 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $166.3M | 2,311,947 | 1.6% | 31 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $165.1M | 2,745,360 | 1.6% | 3 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $158.5M | 480,235 | 1.6% | 31 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $145.8M | 1,116,467 | 1.4% | 30 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $142.5M | 859,592 | 1.4% | 31 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $139.2M | 631,354 | 1.4% | 26 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $134.4M | 2,175,636 | 1.3% | 31 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $129.8M | 5,287,200 | 1.3% | 24 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $128.3M | 1,770,095 | 1.3% | 2 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $124.8M | 824,720 | 1.2% | 5 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $118.4M | 5,722,075 | 1.2% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $109.3M | 292,959 | 1.1% | 31 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $107.0M | 4,975,496 | 1.1% | 31 |
| ASE TECHNOLOGY HLDG CO LTD | [ASX](https://holderbook.com/stocks/ASX/) | $94.3M | 2,090,788 | 0.9% | 31 |
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $88.9M | 571,263 | 0.9% | 14 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $85.9M | 179,777 | 0.8% | 31 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $85.7M | 1,176,691 | 0.8% | 6 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $81.9M | 1,018,308 | 0.8% | 31 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $77.7M | 1,026,370 | 0.8% | 12 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $71.6M | 254,463 | 0.7% | 19 |
| MILLICOM INTL CELLULAR S A | [TIGO](https://holderbook.com/stocks/TIGO/) | $71.3M | 785,131 | 0.7% | 4 |
| NATIONAL GRID PLC | [NGG](https://holderbook.com/stocks/NGG/) | $67.6M | 815,548 | 0.7% | 5 |
| TOYOTA MOTOR CORP | [TM](https://holderbook.com/stocks/TM/) | $65.9M | 391,325 | 0.6% | 28 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $65.4M | 782,576 | 0.6% | 8 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $65.2M | 1,132,367 | 0.6% | 28 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $65.0M | 684,440 | 0.6% | 22 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $62.9M | 1,359,382 | 0.6% | 8 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $62.3M | 479,999 | 0.6% | 16 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $62.1M | 1,145,111 | 0.6% | 17 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $58.9M | 2,447,200 | 0.6% | 31 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $58.7M | 1,224,955 | 0.6% | 3 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $55.9M | 718,986 | 0.5% | 3 |
| KEURIG DR PEPPER INC | [KDP](https://holderbook.com/stocks/KDP/) | $55.7M | 1,700,621 | 0.5% | 6 |
| POWER CORP CDA COM | [PWCDF](https://holderbook.com/stocks/PWCDF/) | $55.1M | 886,766 | 0.5% | 2 |
| PPL CORP | [PPL](https://holderbook.com/stocks/PPL/) | $54.6M | 1,502,353 | 0.5% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $50.6M | 1,194,320 | 0.5% | 31 |
| COCA-COLA FEMSA SAB DE CV | [KOF](https://holderbook.com/stocks/KOF/) | $47.6M | 447,737 | 0.5% | 21 |
| PETROLEO BRASILEIRO S A | [PBR](https://holderbook.com/stocks/PBR/) | $47.2M | 2,922,208 | 0.5% | 18 |
| FIRST HORIZON CORPORATION | [FHN](https://holderbook.com/stocks/FHN/) | $47.0M | 1,831,996 | 0.5% | 12 |
| ORIX CORP | [IX](https://holderbook.com/stocks/IX/) | $46.4M | 1,220,846 | 0.5% | 2 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $45.4M | 1,660,870 | 0.4% | 29 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $45.3M | 373,663 | 0.4% | 5 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $44.6M | 181,298 | 0.4% | 22 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $42.8M | 573,977 | 0.4% | 3 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $41.4M | 152,353 | 0.4% | 22 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $40.7M | 201,699 | 0.4% | 22 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $34.8M | 448,464 | 0.3% | 18 |
| COCA-COLA EUROPACIFIC PARTNE | [CCEP](https://holderbook.com/stocks/CCEP/) | $30.5M | 304,979 | 0.3% | 14 |
| ICICI BANK LIMITED | [IBN](https://holderbook.com/stocks/IBN/) | $30.5M | 1,050,299 | 0.3% | 31 |
| SANOFI SA | [SNY](https://holderbook.com/stocks/SNY/) | $26.3M | 615,593 | 0.3% | 22 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $23.9M | 106,631 | 0.2% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $23.6M | 106,610 | 0.2% | 1 |
| KASPI KZ JSC | [KSPI](https://holderbook.com/stocks/KSPI/) | $20.3M | 234,294 | 0.2% | 1 |
| ISHARES INC | [EWT](https://holderbook.com/stocks/EWT/) | $17.4M | 160,199 | 0.2% | 22 |
| KB FINL GROUP INC | [KB](https://holderbook.com/stocks/KB/) | $13.7M | 130,140 | 0.1% | 10 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $11.9M | 16,439 | 0.1% | 22 |
| AXIA ENERGIA SA | [AXIA](https://holderbook.com/stocks/AXIA/) | $11.0M | 1,038,647 | 0.1% | 3 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $8.2M | 76,370 | 0.1% | 13 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $8.2M | 51,416 | 0.1% | 13 |
| ITAU UNIBANCO HLDG S A | [ITUB](https://holderbook.com/stocks/ITUB/) | $7.6M | 929,368 | 0.1% | 5 |
| KT CORP | [KT](https://holderbook.com/stocks/KT/) | $6.5M | 378,147 | 0.1% | 4 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $6.1M | 14,337 | 0.1% | 14 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $5.0M | 14,915 | 0.0% | 22 |
| BORGWARNER INC | [BWA](https://holderbook.com/stocks/BWA/) | $4.9M | 74,351 | 0.0% | 25 |
| ARROW ELECTRS INC | [ARW](https://holderbook.com/stocks/ARW/) | $4.5M | 20,980 | 0.0% | 24 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $4.4M | 38,704 | 0.0% | 22 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $4.1M | 42,518 | 0.0% | 31 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $4.0M | 16,951 | 0.0% | 31 |
| WISDOMTREE TR | [EPI](https://holderbook.com/stocks/EPI/) | $4.0M | 93,411 | 0.0% | 11 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $4.0M | 14,417 | 0.0% | 22 |
| ISHARES INC | [ECH](https://holderbook.com/stocks/ECH/) | $3.5M | 88,688 | 0.0% | 2 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $3.5M | 60,200 | 0.0% | 31 |
| AXALTA COATING SYS LTD | [AXTA](https://holderbook.com/stocks/AXTA/) | $3.3M | 97,586 | 0.0% | 14 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $3.3M | 22,741 | 0.0% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.5% | +14.8% | -8.4% | 100% |
| Q1 2026 | +4.0% | -4.6% | +8.7% | 100% |
| Q4 2025 | +3.0% | +2.4% | +0.6% | 100% |
| Q3 2025 | +4.8% | +7.8% | -3.1% | 100% |
| Q2 2025 | +2.5% | +10.5% | -8.0% | 100% |
| Q1 2025 | +3.5% | -4.6% | +8.0% | 100% |
| Q4 2024 | -4.6% | +2.1% | -6.7% | 100% |
| Q3 2024 | +8.7% | +5.4% | +3.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $10.2B | 208 |
| Q1 2026 | $9.8B | 213 |
| Q4 2025 | $9.2B | 225 |
| Q3 2025 | $9.1B | 217 |
| Q2 2025 | $8.8B | 198 |
| Q1 2025 | $8.7B | 205 |
| Q4 2024 | $8.6B | 208 |
| Q3 2024 | $9.2B | 206 |
| Q2 2024 | $8.7B | 209 |
| Q1 2024 | $9.0B | 197 |
| Q4 2023 | $6.7B | 212 |
| Q3 2023 | $8.6B | 205 |